Harry Winston buys the Rockefeller emerald for $5.5 million: a world record price-per-carat

An 18.04-carat emerald once owned by the esteemed Rockefeller family sold at auction for $5.5 million (£4.3 million) in New York yesterday (June 20th): at $305,000 per carat, it broke the world record price-per-carat for an emerald sold at auction. Selling towards the high end of its $4-6 million estimate, it was described by Christie's as "among the finest emeralds to be offered for sale at auction".

It was bought by famed American jewellery house Harry Winston, whose CEO Nayla Hayek instructed CFO Robert Scott, who was bidding at the auction, to “bring this magnificent gem home at any price”.

Prior to the sale, the price-per-carat record belonged to the 23.46-carat emerald and diamond pendant brooch that sold at Christie's in New York for $6.5 million in 2011. Part of Elizabeth Taylor's treasured suite of Bulgari emerald jewels, it achieved $280,000 per carat, a price greatly influenced by the set's historic provenance.

The fact that the Rockefeller emerald eclipsed even Elizabeth Taylor's legacy demonstrates the increasing popularity - and value - of coloured stones at auction; although the stone does carry an impressive provenance of its own.

The emerald was bought by John D. Rockefeller Junior, the only son of the Standard Oil co-founder after whom he was named, in 1930. It was originally set in the centre of an impressive brooch for Rockefeller Jr's wife, Abby Aldrich Rockefeller.

When she died in 1948 the stones from the brooch were divided between their five children and this emerald was bequeathed to their youngest son, David Rockefeller.

When faced with what to do with such a treasured family stone, David turned to the jeweller with whom his father had established a close relationship - Raymond Yard.

Rockefeller Jr had played a key role in the American jeweller's career, encouraging him to set up his own company, which he did in 1922, and introducing Yard to fellow members of New York society such as the Vanderbilts and the Woolworths. Yard set the emerald in a platinum ring, flanked by diamonds, and it has remained in this classic setting until today.

The Rockefeller Emerald was set into a ring by American jeweller Raymond Yard. The stone now belongs to Harry WinstonCredit:
Christie's

Renowned for their exceptional colour and clarity, Colombian emeralds achieve the highest prices in private sales and at auction, and large examples are increasingly rare on the market.

Due to its distinctive colour the Rockefeller emerald is believed to originate from Colombia. The American Gemological Laboratories describe it as "exceptional", with "an unusual combination of size, provenance, absence of treatment and quality factors [that contribute] favourably to its rarity and desirability".

The ring, which was sold by an American private collector, fittingly enough was auctioned at Christie's New York, whose saleroom is located within the Rockefeller Center.

“The Rockefeller Emerald is one of the best gemstones to ever be offered at auction and its superior beauty and quality are matched only by its historic name," commented Tom Burstein, head of US jewellery at Christie's. "Christie’s is especially proud to be offering this Raymond Yard ring in the heart of Rockefeller Center, in our New York Saleroom."

Nayla Hayek of Harry Winston commented: “Harry Winston is immensely proud to own the finest emerald in the world which once belonged to one of America’s most important dynasties”.

The Rockefeller Emerald was sold as part of the Magnificent Jewels sale at Christie's New York on June 20th; christies.com